6 mo. earnings news on SIY-V.
SIY got average $18.10/barrel for Issaran oil. So if current production of 1240/day were sustained, we're now looking at $8.2 million in revenue. And average price we're getting now must be more than $18.10. Keeps sounding better all the time.
Walter
Scimitar Hydrocarbons Corporation
4/13/00 - Year End Results
SCIMITAR HYDROCARBONS CORP ("SIY-V;SHYCF-L") - Year End Results
Mr. Angus A. Mackenzie, Chairman of the Board of Directors and Chief Executive Officer of Scimitar Hydrocarbons Corporation is pleased to announce growth and profitability for the six months ending December 31, 1999 by successfully reactivating and drilling several wells in Egypt:
Financial Results Highlights
For the six months ended December 31.
1999 1998
Gross Revenues $2,220,095 $154,897
Cash flow from operations 887,943 (341,771)
Cash flow per share 0.03 (0.02)
Net Earnings 361,287 (377,776)
Net Earnings per share 0.01 (0.01)
Operating Highlights
Production
(Heavy oil) bbl/d 675 -
Average sales price $18.10 n/a Wells drilled
gross(net)
Dry - 2 (0.50)
Oil 2 (2) -
Production for the month of December 1999 was 815 barrels of oil per day, which would translate to annualize gross revenues of $5,384,297 should oil prices remain at current levels. The company's drilling activity continued into 2000, which saw exiting production for the first quarter increase to approximately 1,200 barrels of oil per day. Production rate continues to rise as the company moves forward with its drilling program into the year 2000. TOLL FREE: 1-800-933-8855 Angus A. Mackenzie, Chairman & CEO TEL: (403) 5433-0333
Ms. M. Dalgado, I.R. FAX: (403) 543-0344 INTERNET: scimitar.ab.ca |
